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SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission
DOCUMENT ID: [Release No. 34-56861; File No. SR-Amex-2007-127]
NOTICE: NOTICES
ACTION: Self-regulatory organizations; proposed rule changes:
SUBJECT CATEGORY: Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Certain Conforming Changes to Amex Rules Relating to the Amex Book Clerk Program
DOCUMENT SUMMARY: November 29, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given that
on November 28, 2007, the American Stock Exchange LLC (``Exchange'' or
``Amex'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been substantially prepared by the Exchange.
The Exchange has designated this proposal as noncontroversial under
Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b4(f)(6)
thereunder,\4\ which renders the proposed rule change effective upon
filing with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons. \1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b4(f)(6).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange proposes to make certain nonsubstantive housekeeping changes to Amex rules, to conform to the recent approval of the Amex Book Clerks program. The text of the proposed rule change is available at Amex, the Commission's Public Reference Room, and http://amex.com. II. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such statements.
A. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
1. Purpose
The Commission recently approved the Exchange's proposal (the ``ABC
Proposal'') to eliminate the agency obligations of specialists and
establish Amex Book Clerks (``ABCs'').\5\ In connection with the ABC
Proposal, the Exchange submitted a related filing limiting the
liability of the Exchange for the actions of ABCs, which was also recently approved.\6 \
\5\ See Securities Exchange Act Release No. 56804 (November 16, 2007), 72 FR 66002 (November 26, 2007) (SRAmex2006107).
\6\ See Securities Exchange Act Release No. 56805 (November 16, 2007), 72 FR 65773 (November 23, 2007) (SRAmex2007122).
The Exchange proposes to make certain nonsubstantive housekeeping changes to Amex rules, including Rule 995ANTE, governing ABCs, and Rule 996ANTE, governing the liability of the Exchange in connection with ABCs.
Specifically, the Exchange proposes to delete paragraph (d) in Rule
995ANTE, governing the liability of the Exchange for the actions of
ABCs, since this text is included in new Rule 996ANTE. Given the date
of the approval order, the Exchange also proposes to extend the date by
which the Exchange shall assign an ABC to each applicable trading station from November 30, 2007 to May
[[Page 68910]]
1, 2008.\7\ The Exchange also proposes to amend Rule 996ANTE to
replace the references to Amex Rule 960 with the correct reference to Amex Rule 970.
\7\ As noted in the ABC Proposal, the Exchange proposes to
implement this rule change to all applicable trading posts over a 180day period.
While the ABC Proposal was pending with the Commission, the Exchange filed an unrelated proposal to establish the Exchange's Directed Order Program, which was separately codified as Rule 996 ANTE.\8\ The Exchange proposes to correct this duplicate designation by renumbering the version of Rule 996ANTE that governs the Exchange's Directed Order Program as Rule 997ANTE. The Exchange also proposes a conforming change to correct a crossreference in Rule 935ANTE. \8\ See Securities Exchange Act Release No. 56269 (August 15, 2007), 72 FR 47086 (August 22, 2007) (approving SRAmex200775).
Finally, the Exchange proposes to renumber Commentary .03 to Rule 958AANTE regarding timing of firm quote obligations for orders received by the ABC as Commentary .04, also to correct an erroneous duplicate designation.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \9\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \10\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engage in regulating,
clearing, settling, processing information with respect to and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest;
and is not designed to permit unfair discrimination between customers, issuers, brokers and dealers.
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
B. SelfRegulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change will not impose
any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
C. SelfRegulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others
No written comments were solicited or received by the Exchange with respect to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \11\ and subparagraph (f)(6) of Rule 19b4
thereunder.\12\ Because the foregoing proposed rule change: (i) Does
not significantly affect the protection of investors or the public
interest; (ii) does not impose any significant burden on competition;
and (iii) does not become operative for 30 days from the date on which
it was filed, or such shorter time as the Commission may designate, if
consistent with the protection of investors and the public interest,
the proposed rule change has become effective pursuant to Section
19(b)(3)(A) of the Act and Rule 19b4(f)(6)(iii) thereunder.\13\ \11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b4(f)(6).
\13\ Rule 19b4(f)(6) also requires the Exchange to give the
Commission written notice of its intent to file the proposed rule
change, along with a brief description and text of the proposed rule
change, at least five business days prior to the date of filing of
the proposed rule change, or such shorter time as designated by the
Commission. The Exchange has satisfied the fiveday prefiling requirement.
A proposed rule change filed under Rule 19b4(f)(6) normally does not become operative for 30 days after the date of filing. However, Rule 19b4(f)(6)(iii) permits the Commission to waive the operative delay if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the operative delay to permit the proposed rule change to become effective prior to the 30th day after filing.
The Commission believes that waiving the 30day operative delay is
consistent with the protection of investors and the public interest.
Waiver of the 30day preoperative waiting period will allow immediate
clarification of Amex rules regarding ABCs, by deleting duplicative
text, fixing duplicative numbering, and clarifying the date by which
the Exchange shall assign an ABC to each applicable trading station
under the ABC proposal. Therefore, the Commission has determined to
waive the 30day delay and allow the proposed rule change to become operative upon filing.\14\
\14\ For purposes only of waiving the operative delay of this
proposal, the Commission notes that it has considered the proposed
rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of the following methods:
Electronic Comments
Paper Comments
All submissions should refer to File Number SRAmex2007127. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commissions Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at
[[Page 68911]]
the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SRAmex2007127 and should be submitted on or before December 27, 2007.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\
\15\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E723589 Filed 12507; 8:45 am]
BILLING CODE 801101P
SUMMARY: American Stock Exchange LLC,
DOCUMENT BODY 2: November 29, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given that
on November 28, 2007, the American Stock Exchange LLC (``Exchange'' or
``Amex'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been substantially prepared by the Exchange.
The Exchange has designated this proposal as noncontroversial under
Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b4(f)(6)
thereunder,\4\ which renders the proposed rule change effective upon
filing with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons. \1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b4(f)(6).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange proposes to make certain nonsubstantive housekeeping changes to Amex rules, to conform to the recent approval of the Amex Book Clerks program. The text of the proposed rule change is available at Amex, the Commission's Public Reference Room, and http://amex.com. II. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such statements.
A. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
1. Purpose
The Commission recently approved the Exchange's proposal (the ``ABC
Proposal'') to eliminate the agency obligations of specialists and
establish Amex Book Clerks (``ABCs'').\5\ In connection with the ABC
Proposal, the Exchange submitted a related filing limiting the
liability of the Exchange for the actions of ABCs, which was also recently approved.\6 \
\5\ See Securities Exchange Act Release No. 56804 (November 16, 2007), 72 FR 66002 (November 26, 2007) (SRAmex2006107).
\6\ See Securities Exchange Act Release No. 56805 (November 16, 2007), 72 FR 65773 (November 23, 2007) (SRAmex2007122).
The Exchange proposes to make certain nonsubstantive housekeeping changes to Amex rules, including Rule 995ANTE, governing ABCs, and Rule 996ANTE, governing the liability of the Exchange in connection with ABCs.
Specifically, the Exchange proposes to delete paragraph (d) in Rule
995ANTE, governing the liability of the Exchange for the actions of
ABCs, since this text is included in new Rule 996ANTE. Given the date
of the approval order, the Exchange also proposes to extend the date by
which the Exchange shall assign an ABC to each applicable trading station from November 30, 2007 to May
[[Page 68910]]
1, 2008.\7\ The Exchange also proposes to amend Rule 996ANTE to
replace the references to Amex Rule 960 with the correct reference to Amex Rule 970.
\7\ As noted in the ABC Proposal, the Exchange proposes to
implement this rule change to all applicable trading posts over a 180day period.
While the ABC Proposal was pending with the Commission, the Exchange filed an unrelated proposal to establish the Exchange's Directed Order Program, which was separately codified as Rule 996 ANTE.\8\ The Exchange proposes to correct this duplicate designation by renumbering the version of Rule 996ANTE that governs the Exchange's Directed Order Program as Rule 997ANTE. The Exchange also proposes a conforming change to correct a crossreference in Rule 935ANTE. \8\ See Securities Exchange Act Release No. 56269 (August 15, 2007), 72 FR 47086 (August 22, 2007) (approving SRAmex200775).
Finally, the Exchange proposes to renumber Commentary .03 to Rule 958AANTE regarding timing of firm quote obligations for orders received by the ABC as Commentary .04, also to correct an erroneous duplicate designation.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \9\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \10\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engage in regulating,
clearing, settling, processing information with respect to and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest;
and is not designed to permit unfair discrimination between customers, issuers, brokers and dealers.
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
B. SelfRegulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change will not impose
any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
C. SelfRegulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others
No written comments were solicited or received by the Exchange with respect to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \11\ and subparagraph (f)(6) of Rule 19b4
thereunder.\12\ Because the foregoing proposed rule change: (i) Does
not significantly affect the protection of investors or the public
interest; (ii) does not impose any significant burden on competition;
and (iii) does not become operative for 30 days from the date on which
it was filed, or such shorter time as the Commission may designate, if
consistent with the protection of investors and the public interest,
the proposed rule change has become effective pursuant to Section
19(b)(3)(A) of the Act and Rule 19b4(f)(6)(iii) thereunder.\13\ \11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b4(f)(6).
\13\ Rule 19b4(f)(6) also requires the Exchange to give the
Commission written notice of its intent to file the proposed rule
change, along with a brief description and text of the proposed rule
change, at least five business days prior to the date of filing of
the proposed rule change, or such shorter time as designated by the
Commission. The Exchange has satisfied the fiveday prefiling requirement.
A proposed rule change filed under Rule 19b4(f)(6) normally does not become operative for 30 days after the date of filing. However, Rule 19b4(f)(6)(iii) permits the Commission to waive the operative delay if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the operative delay to permit the proposed rule change to become effective prior to the 30th day after filing.
The Commission believes that waiving the 30day operative delay is
consistent with the protection of investors and the public interest.
Waiver of the 30day preoperative waiting period will allow immediate
clarification of Amex rules regarding ABCs, by deleting duplicative
text, fixing duplicative numbering, and clarifying the date by which
the Exchange shall assign an ABC to each applicable trading station
under the ABC proposal. Therefore, the Commission has determined to
waive the 30day delay and allow the proposed rule change to become operative upon filing.\14\
\14\ For purposes only of waiving the operative delay of this
proposal, the Commission notes that it has considered the proposed
rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of the following methods:
Electronic Comments
Paper Comments
All submissions should refer to File Number SRAmex2007127. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commissions Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at
[[Page 68911]]
the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SRAmex2007127 and should be submitted on or before December 27, 2007.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\
\15\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E723589 Filed 12507; 8:45 am]
BILLING CODE 801101P
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